The Covid-19 pandemic has been a catalyst to financial inclusion in Africa, which recorded a 12 percent increase in mobile money penetration in 2020, according to the industry body, GSMA’s 2021 State of the Industry Report on Mobile Money.
Government directives asking citizens to adopt cashless transactions during the pandemic saw the continent continue to dominate the global mobile money industry, with 171 of the total 310 digital transaction services across the world being in Africa.
